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Report No. : |
328637 |
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Report Date : |
25.06.2015 |
IDENTIFICATION DETAILS
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Name : |
JENNEX TECHNOLOGY LTD. |
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Registered Office : |
Room 902, 9/F., Grandtech Centre, 8 On Ping Street, Shatin, New Territories |
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Country : |
Hong Kong
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Date of Incorporation : |
01.03.2000 |
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Com. Reg. No.: |
30812275 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of Electronic Devices, Instruments and Metres, Electronic Equipment, Computer Peripherals. |
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No. of Employees : |
18 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
|
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.
|
Source
: CIA |
JENNEX TECHNOLOGY
LTD.
ADDRESS: Room 902, 9/F.,
Grandtech Centre, 8 On Ping Street, Shatin, New Territories, Hong Kong.
PHONE: 852-2944 0800
FAX: 852-2944
0997, 2687 5628
E-MAIL: yu@jennex.net
fsxg@fusen.net.cn
huangms@jennex.net
MANAGEMENT:
Managing Director: Mr. Meng
Guoqing
Incorporated on: 1st March, 2000.
Organization: Private Limited
Company.
Issued Share Capital: HK$5,000,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 18.
Main Dealing Banker: Hang
Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
JENNEX TECHNOLOGY LTD.
Registered Head
Office & Warehouse:-
Room 902, 9/F., Grandtech Centre, 8 On Ping Street, Shatin,
New Territories, Hong Kong.
Associated Companies:-
Shenzhen Fusen Supply Chain Management Co. Ltd.
2F., East Unit, Building 201, Tairan Area, Futian
District, Shenzhen SEZ, China.
[Tel: 86-0755-8297 5842; Fax: 86-0755-8358
5299, 8342 3435]
Shenzhen Fusen Supply Chain Management Co. Ltd., Guangzhou Branch,
China.
Shenzhen Fusen Supply Chain Management Co. Ltd., Shanghai Branch, China.
Shanghai Fusen Supply Chain Management Co. Ltd., China.
30812275
0706053
Managing Director: Mr. Meng
Guoqing
Contact Person: Ms. Chris Wong
HK$5,000,000.00
(As per registry dated 01-03-2015)
|
Name |
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No. of shares |
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MENG Guoqing |
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4,000,000 |
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ZHAO Mi |
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1,000,000 |
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–––––––– |
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Total: |
5,000,000 ======= |
(As per registry dated 01-03-2015)
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Name (Nationality) |
Address |
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MENG Guoqing |
18-701, Lian Hua Bei Village, Shenzhen, China. |
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ZHAO Mi |
18-701, Lian Hua Bei Village, Shenzhen, China. |
(As per registry dated 01-03-2015)
|
Name |
Address |
Co. No. |
|
Fansway Secretaries Ltd. |
Room 1009-1012, 10/F., K. Wah Centre, 191 Java Road, North Point,
Hong Kong. |
0048960 |
The subject was incorporated on 1st March, 2000 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Unit C, 2/F., Unison Industrial
Centre, 32 Au Pui Wan Street, Shatin, New Territories, Hong Kong, moved to
the present address in October 2010.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of electronic devices, instruments and metres, electronic equipment,
computer
peripherals.
Employees: 18.
Commodities Imported: Europe, US,
Taiwan, South Korea, other Asian countries, etc.
Markets: China
and the other foreign markets.
Terms/Sales: L/C or as per contracted.
Terms/Buying: As per contracted.
MEMBERSHIP: Federation of Hong Kong Industries,
Hong Kong.
[Membership No.
D0083]
Issued Share Capital: HK$5,000,000.00
Mortgage or Charge (since 2011): (See attachment)
Profit or Loss: Making
a small profit every year.
Condition: Keeping
in an active manner.
Facilities: Making
active use of general banking facilities.
Payment: Met trade commitments as
contracted.
Commercial Morality: Satisfactory.
Bankers:-
Hang Seng Bank Ltd., Hong Kong.
Chong Hing Bank Ltd., Hong Kong.
Nanyang Commercial Bank Ltd.,
Hong Kong.
Fubon Bank (Hong Kong) Ltd., Hong Kong.
Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong.
Bank SinoPac, Hong Kong Branch.
Taishin International Bank Co. Ltd.,
Hong Kong Branch.
China Everbright Bank, Hong Kong Branch.
Standing: Very Good.
Having issued 5 million ordinary shares of HK$1.00 each, Jennex
Technology Ltd. is jointly owned by Mr. Meng Guoqing, holding 80% interests;
and Ms. Zhao Mi, holding 20%. Meng
and Zhao are also directors of the subject.
Most of the time, they are residing in Shenzhen Special Economic Zone,
China, although they are Hong Kong ID holders and a couple.
The subject in fact is an associated company of Shenzhen Fusen Supply
Chain Management Co. Ltd. [Fusen] which is a Shenzhen-based firm. Fusen is also known as “Fusen Supply Chain”.
The subject is trading in all kinds of metal part for electronic
products such as the followings: Zinc Strip, IML Decorated Front Panel,
Magnetic Chuck, Alloy Body.
Established in 2002 and with a registered capital of RMB82 million Yuan,
Fusen is trading in the following commodities chiefly: Electronic devices,
instruments and metres, electronic equipment and components, computers and
computer peripherals, software.
Commodities are sourced from Europe, the United States, Taiwan, South
Korea, other Asian countries. Markets
are China and other foreign countries.
Business is rather active.
Currently, Fusen is using the software known as ERP Management System
which is developed by SAP company.
Meng Guoqing is also the managing director of Fusen.
Fusen also offer clients with transportation, customs declaration,
storage and warehousing, and consultancy services. Fusen has claimed to be a “one-stop” service
provider. Currently, Fusen has set up
offices in Guangzhou and Shanghai, China.
From 2009 to 2012, Fusen had been approved by China Customs as an ‘AA
Grade Enterprise’.
The new warehouse of Fusen is located at Warehouse B2-6, West Logistics
Centre, 88 Linhai Road, Qianwan Logistics Park, Nanshan District, Shenzhen
Special Economic Zone, China.
One of the significant companies of the Group is Shanghai Fusen Supply
Chain Management Co. Ltd. It is a
subsidiary of Shenzhen Fusen.
The annual sales turnover of Fusen is significant. The total turnover of the Group in 2013
amounted to RMB20.0 billion Yuan. In
2014, the total turnover of the Fusen Group amounted to RMB24.4 billion
Yuan. It ranked the 31st in China’s 100
largest enterprises. It ranked the fifth
in the supply chain industry of Shenzhen Special Economic Zone, China.
Overall business of Fusen is profitable and active.
Fusen got the ISO 9001:2008 certification on 21st July, 2010.
In Hong Kong, the subject is able to offer clients with all kinds of
logistic services. Its registered
address is also a warehouse. The main
functions of the subject are raw materials sourcing, products marketing and
payments settling for its clients both in Hong Kong and in China.
The subject is fully supported by Fusen.
History in Hong Kong is over fifteen years and three months.
On the whole, in view of the background and parentage of the subject,
consider it good for normal business engagements.
(Since 2011)
|
Date |
Particulars |
Amount |
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04-03-2011 |
Instrument: Charge on Deposit Property: All sums from time to time standing to the credit of all deposit accounts
of whatever nature and type, now or at any time maintained by the Company
with Chong Hing Bank Ltd. Mortgagee: Chong Hing Bank Ltd., Hong Kong. |
To secure general banking facilities |
|
31-05-2011 |
Instrument: Charge over Assets by Borrower Property: All the Company’s present and future rights, title and interest in and
to the Deposits and Securities Mortgagee: Fubon Bank (Hong Kong) Ltd.,
Hong Kong. |
All monies, obligations and liabilities |
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18-07-2011 |
Instrument: Charge over Deposits/Securities
(2-Parties) Property: The Chargor charges by way of first fixed charge to the Bank all the
right, title and interest of the Chargor in and to the Charged Assets Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure owing all monies in any currency |
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05-02-2013 |
Instrument: Trade Finance Security Assignment Property: The Borrower as beneficial owner and as security for the payment of
all secured liabilities:- (a) Assigns and agrees to
assign absolutely to the Bank all the present and future right, title,
interests and benefits of the Borrower in and to the following assets:- 1) The export credits; 2) The export collection bills; 3) The sales contracts; 4) The invoice receivables; 5) The insurances; 6) The trade documents; and 7) All claims, remedies and proceeds in connection with any of the
foregoing (b) Charges and agrees to
charge to the Bank by way of first fixed charge all the present and future rights,
title, interests and benefits of the borrower in and to the following
assets:- 1) The goods together with their proceeds; and 2) The charged account and all monies at any time standing to the
credit of the charged account including all interest from time to time
accrued or accruing on such monies; and 3) Pledges and agrees pledges and agrees to pledge to the bank pledged
goods and the trade documents which are now or may in the future be in the
possession of the bank Mortgagee: Industrial & Commercial Bank of
China (Asia) Ltd., Hong Kong. |
All obligations & liabilities |
|
23-07-2013 |
Instrument: Charge on Cash Deposit Property: All sums from time to time standing to the credit of the account of the
Depositor, Deposit Account Number: (90-008-0063207-5) with Bank SinoPac Mortgagee: Bank SinoPac, Hong Kong Branch. |
All sums of money and liabilities |
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19-08-2013 |
Instrument: Master Agreement Property: 1) Assets subject to
Pledge 2) Goods subject to
Hypothecation 3) Deposit 4) All the company’s
right, title, interest & benefit in and to documentary credits 5) All goods purchased by
the company from time to time using credit facilities 6) The Redelivered goods
and any proceeds thereof on trust for the chargee. Mortgagee: Taishin International Bank Co. Ltd.,
Hong Kong Branch. |
All monies & liabilities |
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26-09-2013 |
Instrument: Security Deed Property: All sums of money which may now or in the future be deposited in the
name of the Chargor in, and standing in the credit balance of, any account at
any branch of the China Everbright Bank together with all interest accruing
from time to time thereon and further includes all action, claim and rights
against the China Everbright Bank and any other person in connection with the
Charged Cash. Mortgagee: China Everbright Bank, Hong Kong
Branch. |
All obligations and liabilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.63.66 |
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|
1 |
Rs.100.50 |
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Euro |
1 |
Rs.71.31 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
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.