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Report No. : |
324943 |
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Report Date : |
01.06.2015 |
IDENTIFICATION DETAILS
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Name : |
HENGTONG OPTIC-ELECTRIC INTERNATIONAL CO. LTD. |
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Registered Office : |
C/o Accenture Room 8505B-8506A, 85/F., International Commerce Centre, 1 Austin Road West, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
04.06.2013 |
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Com. Reg. No.: |
61544209 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Manufacturer of all kinds of Optic-Electric
Cable. |
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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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China |
A2 |
A2 |
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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 |
CHINA - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, growth of the private sector, development of stock markets and a modern banking system, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors considered important to "economic security," explicitly looking to foster globally competitive industries. After keeping its currency tightly linked to the US dollar for years, in July 2005 China moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. In 2014 the People’s Bank of China (PBOC) doubled the daily trading band within which the RMB is permitted to fluctuate. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2014 stood as the largest economy in the world, surpassing the US that year... Still, per capita income is below the world average.
The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2014 more than 274 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development.
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Source
: CIA |
HENGTONG
OPTIC-ELECTRIC INTERNATIONAL
CO. LTD.
ADDRESS: C/o Accenture
Room 8505B-8506A,
85/F., International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong.
PHONE: 852-2249 2388
Managing
Director: Mr. Yin Jicheng
Incorporated on: 4th June, 2013.
Organization: Private Limited Company.
Issued Share Capital: US$200,000.00
Business Category: Importer, Exporter and Manufacturer.
Group Turnover: RMB10,419.5 million Yuan (Year ended 31-12-2014)
Employees: Nil.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
C/o Accenture
Room 8505B-8506A,
85/F., International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong.
Holding Company:-
Hengtong
Optic-Electric Co. Ltd., China.
Associated Companies:-
Beijing Hengtong
Sibo Communication Technology Co. Ltd., China.
Changshu Hengtong
Port Co. Ltd., China.
Chengdu Hengtong
Optic Communication Co. Ltd., China.
Fujikura Hengtong
Aerial Cable System Ltd., China.
Furukawa Electric
(Xi’an) Optial Communication Co. Ltd., China.
Guangde Hengtong
Copper Co. Ltd., China.
Hengtong Finance
Co. Ltd., China.
Hengtong Group Co.
Ltd., China.
Jiangsu Hengtong
Goldensky Electric Wire & Cable Co. Ltd., China.
Jiangsu Hengtong
HV Power Cable System Co. Ltd., China.
Jiangsu Hengtong
Optical Fiber Technology Co. Ltd., China.
Jiangsu Hengtong
Power Cable Co. Ltd., China.
Jiangsu Hengtong
Wire & Cable Technology Co. Ltd., China.
Jiangsu Nanfang
Optical Technology Co. Ltd., China.
Jiangsu OFS
Hengtong Optical Technology Co. Ltd., China.
Shanghai Hengtong
Hongpu Communication Technology Co. Ltd., China.
Shanghai Hengtong
Photoelectric Technology Co. Ltd., China.
Shenyang Hengtong
Optical Communication Co. Ltd., China.
Suzhou Hengtong
Copper Co. Ltd., China.
Suzhou Hengtong
Gloria Holiday Hotel Co. Ltd., China.
Suzhou Henry
Communication Material Co. Ltd., China.
etc.
61544209
1918173
Managing
Director: Mr. Yin Jicheng
US$200,000.00
(As per registry dated 04-06-2014)
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Name |
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No.
of shares |
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Hengtong Optic-Electric Co. Ltd. No. 88, Heng Tong Da Dao, Qi Dou Town, Wu Jiang District, Suzhou City,
Jiang Su Province, China. |
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200,000 ====== |
(As per registry dated 04-06-2014)
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Name (Nationality) |
Address |
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YIN Jicheng |
No.21 Xi Wan Li, Ling Tian Cun (6), Qi Dou
Town, Wu Jiang District, Su Zhou City, Jiang Su Province, China. |
(As per registry dated 04-06-2014)
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Name |
Address |
Co.
No. |
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Golden
China Consultants Ltd. |
Room 2201-2203, 22/F., World-Wide House, 19 Des Voeux Road
Central, Hong Kong. |
0662723 |
The
subject was incorporated on 4th June, 2013 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, Exporter and Manufacturer.
Lines: All kinds of optic-electric cable
Employees: Nil.
Group Employess: 7,022. (As at 31-12-2014)
Commodities Imported: China.
Markets: Asian countries, Europe, North America, etc.
Group Turnover: RMB 5,187.3 million Yuan (Year ended 31-12-2010)
RMB 6,688.6 million Yuan (Year ended 31-12-2011)
RMB 7,804.3 million Yuan (Year ended 31-12-2012)
RMB 8,586.5 million Yuan (Year ended 31-12-2013)
RMB10,419.5 million Yuan (Year ended 31-12-2014)
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Issued Share Capital: US$200,000.00
Mortgage or Charge: (See attachment)
Profit Attributable to Equity Holders:-
RMB236.7 million Yuan (Year ended 31-12-2010)
RMB255.6 million Yuan (Year ended 31-12-2011)
RMB345.0 million Yuan (Year ended 31-12-2012)
RMB291.0 million Yuan (Year ended 31-12-2013)
RMB344.2 million Yuan (Year ended 31-12-2014)
Profit or Loss: Group business is profitable.
Condition: Business is not active in Hong Kong.
Facilities: Adequate for current running.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Small.
Hengtong Optic-Electric International Co. Ltd. is a wholly-owned subsidiary of Hengtong Optic-Electric Co. Ltd. [HTOEC] which is a China-based company.
The director of the subject Mr. Yin Jicheng 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.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at “Room 8505B-8506A, 85/F., International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong” known as “Accenture” which is handling its correspondences and documents.
The subject has no employees in Hong Kong.
The director of the subject is Mr. Yin Jicheng who is a China merchant. He is a China passport holder and currently residing in Suzhou City, Jiangsu Province, China.
HTOEC is a listed company in Shanghai, China, bearing stock code No. 600487. Its shares have been traded in Shanghai Stock Exchange.
The largest shareholder of HTOEC is Hengtong Group Co. Ltd., also a China-based company.
HTOEC is manufacturing independent optical communication industry chain of “optical fibre perform-optical fiber-fiber optic cable”, the full range of FTTx ODN R & D and manufacturing has been completed to lead a full range of series of product industrial clusters of optical network town, a full range of series of power cable industrial clusters of submarine optical fibre composite cable and submarine optical fibre cable, submarine super high-voltage cable and power cable industrial clusters fully ranging from medium-low voltage to high voltage to super high-voltage series, electrical equipment cable industrial clusters of locomotives, rail transportation, marine engineering, new energy and other areas and a full range of electronic consumer cable industrial clusters of high-speed data cable, high-speed signal transmission cable, etc.
HTOEC is specialized in providing customers with solutions in the field of optical cable system.
HTOEC has set up five major scientific research platforms such as the State-level Corporate Technical Centre, National Corporate Postdoctoral Research Station, Jiangsu Provincial Academician Workstation, Jiangsu Province Optical Cable Transmission Engineering Technology Research Centre.
HTOEC has participated in the preparation of 70 national and industry standards and obtained more than 450 nationally-authorized patents (the total number of patents applied ranked the first, including 62 invention patents), has successively undertaken more than 50 national, provincial and ministerial level new product projects and technology research projects, including three provincial and ministerial major scientific and technological achievement funded projects.
The products of HTOEC are mainly used in China Mobile, China Telecom, China Unicom and other communication operators, as well as specialized communication networks of aerospace, power, radio and television, national defence, General Staff Department, marine engineering, etc.
The turnover of HTOEC in 2014 was RMB10,419.5 million Yuan (2013: RMB8,586.5 million Yuan), and profit attributable to equity holders were RMB344.2 million Yuan (2013: RMB291.0 million Yuan).
Most of the China customers of HTOEC are significant telecommunication companies, including State Electricity Network and China Railway General Corporation. HTOEC has been maintaining a number of regular customers.
HTOEC had 7,200 employees as at end of 2014. Mr. Yin Jicheng is also General Manager of HTOEC.
The subject’s business in Hong Kong is not active. History, which is short in Hong Kong, is less than two years.
The subject is fully supported by HTOEC.
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 or in small credit amounts.
|
Date |
Description of
Instrument |
Mortgagee |
|
03-12-2014 |
Assignment of Receivables – Specific Arrangement |
HSBC Bank (China) Co. Ltd. |
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04-12-2014 |
Debentures Mortgaged or Charged |
China Development Ltd. |
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.63.76 |
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1 |
Rs.97.80 |
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Euro |
1 |
Rs.69.91 |
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.