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Report No. : |
340978 |
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Report Date : |
16.09.2015 |
IDENTIFICATION DETAILS
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Name : |
CRESTRON ASIA LTD. |
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Registered Office : |
25/F., Westin Centre, 26 Hung To Road, Kwun Tong, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
07.02.1991 |
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Com. Reg. No.: |
14419942 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Manufacturer of Advanced Control and Automation
Systems. |
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No. of Employees : |
40. (Including Associates) |
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
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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.
|
Source
: CIA |
‘2501’ is just one of the rooms in the 25th floor of the
building.
CRESTRON
ASIA LTD.
ADDRESS: 25/F.,
Westin Centre, 26 Hung To Road, Kwun Tong, Kowloon, Hong Kong.
PHONE: 852-2341
2016, 2271 5520
FAX: 852-2344
0889
E-MAIL: support@crestronasia.com
Managing Director:
Mr. Yeung Ki Fai
Incorporated on: 7th February, 1991.
Organization: Private Limited Company.
Issued Share Capital: HK$500,000.00
Business Category: Importer,
Exporter and Manufacturer.
Employees: 40. (Including associates)
Main Dealing Banker: DBS
Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
25/F., Westin Centre, 26 Hung To Road, Kwun Tong,
Kowloon, Hong Kong.
Holding Company:-
Happie Holdings Ltd., Hong Kong. (Same address)
Warehouse:-
Sunley Centre, 9 Wing Yin Street, Tsuen Wan, New
Territories, Hong Kong.
Associated
Companies:-
Beijing Media-Go Honghe Electronic Engineering Ltd.,
China.
Crestron Asia (Overseas) Ltd., Hong Kong.
Crestron Electroncs Inc., USA.
Media-Go Engineering (China) Ltd., Hong Kong.
Media-Go Engineering Ltd., Hong Kong.
Media-Go iArchiTech Solutions Ltd., Macau.
Media-Go Management Ltd., Hong Kong.
Media-Go Technology Ltd., Hong Kong.
NETe2 MG Ltd., Hong Kong.
etc.
14419942
0299119
Managing Director:
Mr. Yeung Ki Fai
Contact Persons:
Ms. Shirley Sin
Ms. Jenny Chan
HK$500,000.00
(As per registry dated 07-02-2015)
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Name |
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No. of shares |
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Happie Holdings Ltd., Hong Kong. |
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500,000 ====== |
(As per registry dated 07-02-2015)
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Name (Nationality) |
Address |
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SO Kwai Lan |
Room E, 13/F., Block 27, Laguna City, Cha Kwo Ling,
Kowloon, Hong Kong. |
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YEUNG Ki Fai |
Room E, 13/F., Block 27, Laguna City, Cha Kwo Ling,
Kowloon, Hong Kong. |
(As per registry dated 07-02-2015)
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Name |
Address |
Co. No. |
|
Granhill Ltd. |
5/F., Dah Sing Life Building, 99-105 Des Voeux Road
Central, Hong Kong. |
0503199 |
The subject was
incorporated on 7th February, 1991 as a private limited liability company under
the Hong Kong Companies Ordinance.
Originally the
subject was registered under the name of Ango Engineering Consultants Ltd., name
changed to the present style on 26th October, 1995.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Activities: Importer,
Exporter and Manufacturer.
Lines: Advanced
control and automation systems.
Employees: 40. (Including associates)
Commodities Imported: China,
other Asian countries, Europe, etc.
Markets: Asian
countries, Europe, North America, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Issued Share Capital: HK$500,000.00
Mortgage or Charge:
(See attachment)
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory
manner.
Facilities: Making
rather active use of general banking facilities.
Payment: Met trade commitments as
required.
Commercial Morality:
Satisfactory.
Bankers:-
DBS Bank (Hong Kong)
Ltd., Hong Kong.
Citibank, N.A., Hong
Kong.
Standing: Normal.
Crestron Asia Ltd. is
a wholly-owned subsidiary of Happie Holdings Ltd. which is a Hong
Kong-registered company located at the same address.
The business of the
subject is chiefly handled by Mr. Yeung Ki Fai who is the managing director of
the subject.
Mr. Yeung Ki Fai is
also the managing director of Media-Go Engineering (China) Ltd. which is also
located at the same address. The total
employees of Media-Go Engineering Group is over 300.
However, the
co-founder of the subject is Mr. Kanny Leong.
For more than 40 years,
the subject has been the world’s leading manufacturer of advanced control and
automation systems, innovating technology.
Its products are
integrated by Design™ to deliver complete technology solutions. It integrates all systems and devices in buildings
and homes onto a single open platform so they can communicate and work together
seamlessly. The subject offers the ability to monitor, manage and control all
technology from one platform, from anywhere, and at any time.
Since its
establishment in Hong Kong in 1995, the subject has been committed to providing
direct sales and technical support to dealers and customers in Asia.
The subject’s
products are widely used in the following sectors:
Broadcasting,
Corporate Enterprises, Cultural & Event Centres, Education Institutes,
Government Organizations, Healthcare Centres, General Householders, Hospitality
and Retailing Shops, Houses of Worship, Luxury Transportation such as yachts,
etc.
As the Asia
headquarters, the subject continues to demonstrate its innovation leadership in
advanced control and automation technologies through its over 20 regional
offices, including Hong Kong, Beijing, Chengdu, Chongqing, Guangzhou, Shanghai,
Wuhan, Xiamen, Xi’an, Bangalore, Chennai, Hyderabad, Mumbai, New Delhi, Pune,
Indonesia, South Korea, Macau, Malaysia, Singapore, Taiwan, the Philippines and
Thailand.
The subject has been
providing direct sales and technical support to dealers and customers in Asia.
The subject is the
Asia headquarters of Crestron Electronic, Inc. [Crestron] which is one of the
world’s leading manufacturer of advanced control and automation systems. The subject held its CresCONNECT in Bangalore
as a platform for more than 250 industry members to share insights, mega
technological trends and to present awards to the year's most spectacular and
innovative projects.
According to the
subject, the increasing of the use of smartphones, the number of BYOD [Bring
Your Own Device] users in India is expected to reach 2 billion.
The business of the
subject is satisfactory. History in Hong
Kong is over 24 years and seven months.
On the whole,
consider the subject good for normal business engagements.
|
Date |
Particulars |
Amount |
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24-06-2011 |
Instrument: Deposit Deed Property: By way of first fixed charge and as a continuing
security for the Obligations, the Company charges and assigns absolutely all
its rights, title to and interest in the Accounts and all Deposits from time
to time in the Accounts and/or comprising the Accounts maintained with
Citibank N.A., any branch and/or Citibank (Hong Kong) Ltd. Mortgagee: Citibank N.A., Hong Kong Branch. |
All moneys |
|
14-12-2011 |
Instrument: Charge on Cash Deposit to Secure Third
Party Liabilities Property: (1) By
way of first fixed charge & agreement to charge: The Deposit and all right, title and interest of the
Company whatsoever, present and future, thereto and therein, together with
any certificates of deposit or other instruments or securities evidencing
title, or otherwise relating, thereto and any account to which the same is
credited. (2) By
way of set-off: Any sum standing to the credit of any one or all of the
then existing accounts of the Company with the Bank (3) By
way of trust: Any from of encumbrance, guarantee or indemnity taken
from the Customer or any other person, in respect of the Company’s
liabilities under the Charge, without the Bank’s consent (4) By
way of trust: Claims against the Customer or any other person in any
dissolution or competition with creditors of the Customer or such other
person. Mortgagee: DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
All sums of money and liabilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.66.44 |
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|
1 |
Rs.102.41 |
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Euro |
1 |
Rs.75.05 |
INFORMATION DETAILS
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Analysis Done by
: |
TRI |
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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.