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Report No. : |
340389 |
|
Report Date : |
16.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
HONG KONG KONKA LTD. |
|
|
|
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Registered Office : |
11/F., Chinabest International Centre, 8 Kwai On Road, Kwai Chung,
New Territories |
|
|
|
|
Country : |
Hong Kong |
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|
|
|
Date of Incorporation : |
28.03.1995 |
|
|
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Com. Reg. No.: |
18959215 |
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|
|
Legal Form : |
Private Limited Company |
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|
|
Line of Business : |
Importer, Wholesaler and Re-exporter of Colour TVs, Monitors, Fax
machines, Telephones, Refrigerators, Hi‑Fi systems, Washing machines,
Cellular phones. |
|
|
|
|
No. of Employee : |
35.
(Hong Kong) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
HONG
KONG KONKA LTD.
ADDRESS: 11/F., Chinabest
International Centre, 8 Kwai On Road, Kwai Chung, New Territories, Hong
Kong.
PHONE: 852-2392 7128
FAX: 852-2392 7638, 2392 7886
E-MAIL: sales@konka.com
linliping@konka.com
ngwaikong@konkahk.com
niuweidong
@konka.com
Managing Director: Mr.
Huang Zhongtian
Incorporated on: 28th
March, 1995.
Organization: Private
Limited Company.
Issued Share Capital: HK$500,000.00
Business Category: Importer, Wholesaler and Re-exporter.
Group Turnover: RMB19,423.5 million Yuan. (Year ended 31-12-2014)
Company Employees: 35. (Hong Kong)
Group Employees: 18,776. (As at 31-12-2014)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong.
Banking Relation: Good.
HONG KONG
KONKA LTD.
ADDRESS:
Registered
Head Office:-
11/F., Chinabest International Centre, 8
Kwai On Road, Kwai Chung, New Territories, Hong Kong.
Parent
Company:-
Konka Group Co. Ltd.
Overseas Chinese Town, Nanshan District,
Shenzhen Special Economic Zone, China.
[Tel: (86-755)
2660 8866
Fax: (86-755)
2660 0082, 2690 4133, 2691 2144
E-mail: szkonda@konka.com ]
Associated/Affiliated
Companies:-
Konka Group of
Companies
Anhui Konka Electric Appliance Co. Ltd.,
China.
Anhui Konka Electronic Co. Ltd., China.
Anhui Konka Tongchuang Household Appliances
Co. Ltd., China.
Beijing Konka Electronics Co. Ltd., China.
Boluo Konka Precision Technology Co. Ltd.,
China.
Boluo Konka Printed Circuit Board Co. Ltd.,
China.
Changshu Konka Electronic Co. Ltd., China.
Chongqing Konka Auto Electronic Co. Ltd.,
China.
Chongqing Konka Electronic Co. Ltd., China.
Chongqing Qingjia Electronic Co. Ltd.,
China.
Dongguan Konka Electronic Co. Ltd., China.
Dongguan Konka Packaging Co. Ltd., China.
Dongguan Konka Packing Materials Co. Ltd.,
China.
Dongguan Konka Plastic Mould Co. Ltd.,
China.
Dongguan Xutongda Mould Plastic Co. Ltd.,
China.
EnRay Tek Optoelectronics (Shanghai) Co.
Ltd., China.
Enraytek Optoelectronic Co. Ltd., China.
Hongdin Invest Development Ltd., Hong Kong.
Indonesia Konka Electronics Co. Ltd.,
Indonesia.
Indonesia Konka Trading Ltd., Indonesia.
Konda Pacific Pty. Ltd., Australia.
Konka (Europe) Co. Ltd., Germany.
Konka (Kunshan) Real Estate Investment Co.
Ltd., China.
Konka (Nanhai) Development Center, China.
Konka (USA) Electronic Co. Ltd., US.
Konka America Inc., US.
Konka Electronic (India) Co. Ltd., India.
Konka Household Appliances International
Trading Co. Ltd., China.
Konka Household Appliances Investment &
Development Co. Ltd., China.
Konray International Development Ltd., Hong
Kong.
Kunshan Jielunte Molds & Plastic Co.
Ltd., China.
Kunshan Kangsheng Investment Development Co.
Ltd., China.
Kunshan Konka Electronic Co. Ltd., China.
Mudanjiang Arctic Ocean Appliance Co. Ltd.,
China.
[Formerly known as Mudanjiang Konka Industrial Co. Ltd.]
Shanhai Konka Green Science & Technology
Co. Ltd., China.
Shanzhen Konka Optoelectronic Technology Co.
Ltd., China.
Shenzhen Electronic Fittings Technology Co.
Ltd., China.
Shenzhen Konka Communications Technology Co.
Ltd., China.
Shenzhen Konka Electronic Co. Ltd., China.
Shenzhen Konka Electronics Technology Co.
Ltd., China.
Shenzhen Konka Energy Technology Co. Ltd.,
China.
Shenzhen Konka Information Network Co. Ltd.,
China.
Shenzhen Konka Injected Plastic Factory,
China.
Shenzhen Konka Injected Plastic Manufactory
Co. Ltd., China.
Shenzhen Konka Optoelectronic Technology Co.
Ltd., China.
Shenzhen Konka Plastic Product Co. Ltd.,
China.
Shenzhen Konka Precision Mould Manufacturing
Co. Ltd., China.
Shenzhen Konka Telecommunications Technology
Co. Ltd., China.
Shenzhen Konka Visual Information System
Engineering Co. Ltd., China.
Shenzhen Refond Optoelectronics Co. Ltd.,
China.
Shenzhen Shushida Electronic Co. Ltd.,
China.
Shenzhen Shushida Logistics Service Co.
Ltd., China.
Shenzhen Wankaida Science & Technology
Co. Ltd., China.
etc.
18959215
0509730
Managing Director: Mr. Huang Zhongtian
HK$500,000.00
(As per registry dated 28-03-2015)
|
Name |
|
No.
of shares |
|
Konka Group Co. Ltd. Overseas Chinese Town, Nanshan District,
Shenzhen Special Economic Zone, China. |
|
500,000 ====== |
(As per registry dated 28-03-2015)
|
Name (Nationality) |
Address |
|
CHANG Dong |
Room 6D, Block 5, Kangjai Court, Shantou
Street, Overseas Chinese City, Nanshan Dirtrict, Shenzhen Special
Economic Zone, China. |
|
LI Hai Tao |
Room 604, Block 3, Kangjai Court, Shantou
Street, Overseas Chinese City, Nanshan Dirtrict, Shenzhen Special
Economic Zone, China. |
|
XIAO Qing |
Yikang Building, Shantou Street,
Overseas Chinese City, Nanshan Dirtrict, Shenzhen Special Economic Zone,
China. |
(As per registry dated 28-03-2015)
|
Name |
Address |
Co.
No. |
|
T.N. Luu Ho Consultants Ltd. |
Room 2702-2703, 27/F., C.C. Wu Building,
302‑308 Hennessy Road, Wanchai, Hong Kong. |
0142334 |
The subject was incorporated on 28th March,
1995 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,
Wholesaler and Re-exporter.
Lines: Colour
TVs, Monitors, Fax machines, Telephones, Refrigerators, Hi‑Fi systems,
Washing machines, Cellular phones.
Brand Name: KONKA.
Company Employees: 35. (Hong Kong)
Group Employees: 18,776. (As at 31-12-2014)
Materials/Commodities: Imports spare parts and raw
materials from Japan.
Markets: Worldwide
countries.
Group Turnover: RMB16,217,619,883.23
Yuan (Year ended 31-12-2011)
RMB18,337,861,657.29
Yuan (Year ended 31-12-2012)
RMB20,006,736,878.82
Yuan (Year ended 31-12-2013)
RMB19,423,488,994.07
Yuan (Year ended 31-12-2014)
RMB 8,390,067,695.48 Yuan (6 months ended 30-06-2014)
RMB 8,944,558,920.96 Yuan (6 months ended 30-06-2015)
Company Turnover:-
RMB2,315,453,138.85
Yuan (Year ended 31-12-2011)
RMB2,722,190,273.75
Yuan (Year ended 31-12-2012)
RMB2,650,276,237.06
Yuan (Year ended 31-12-2013)
RMB3,408,213,237.85
Yuan (Year ended 31-12-2014)
RMB1,700,208,001.07
Yuan (6 months ended 30-06-2015)
Terms/Sales:
L/C,
T/T, etc.
Terms/Buying: L/C, T/T and D/P.
Issued Capital: HK$500,000.00
Group Net Profit / (Loss):-
RMB 24,972,838.12 Yuan (Year ended 31-12-2011)
RMB 50,342,194.51 Yuan (Year ended 31-12-2012) [restated]
RMB 45,820,496.73 Yuan (Year ended 31-12-2013) [restated]
RMB 52,623,527.86 Yuan (Year ended 31-12-2014)
RMB 44,394,585.84 Yuan (6 months ended 30-06-2014)
(RMB296,953,507.39
Yuan) (6 months ended 30-06-2015)
Company Total Assets:-
RMB1,532,682,080.40
Yuan (Year ended 31-12-2012)
RMB1,755,430,184.36
Yuan (Year ended 31-12-2013)
RMB3,259,825,831.58
Yuan (Year ended 31-12-2014)
RMB2,631,427,077.20
Yuan (6 months ended 30-06-2015)
Company Net Assets:-
RMB 95,238,229.25 Yuan (Year ended 31-12-2012)
RMB111,655,271.79
Yuan (Year ended 31-12-2013)
RMB115,135,576.35
Yuan (Year ended 31-12-2014)
RMB 61,802,269.30 Yuan (6 months ended 30-06-2015)
Company Net Profit / (Loss):-
RMB16,852,619.32
Yuan (Year ended 31-12-2011)
(RMB 6,140,663.21 Yuan) (Year ended 31-12-2012)
RMB18,121,058.99
Yuan (Year ended 31-12-2013)
RMB 2,403,438.70 Yuan (Year ended 31-12-2014)
(RMB53,437,493.49)
Yuan (6 months ended 30-06-2015)
Profit or Loss: Group
made a loss in the first half of 2015 but the subject made a loss in 2012 and
made profits again in 2013 and 2014.
Condition:
Keeping
in an active manner.
Facilities:
Actively
using general banking facilities.
Payment:
Met
trade commitments on time.
Commercial Morality: Very
Good.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
The Bank of East
Asia Ltd., Hong Kong.
Standing:
Good.
Hong Kong Konka Ltd. is a subsidiary of
Konka Group Co. Ltd. [Konka] which is a significant Shenzhen-based
enterprise. Konka has been listed on the
Shenzhen Stock Exchange.
The subject is responsible for marketing and
re-exporting Konka Group’s products. It
also acquires raw materials from abroad for the Group.
Established in 1980, Konka is China’s first
Sino-foreign joint consumer electronics enterprise, manufacturing and
distributing its own brand of prime quality products. The Konka Group’s major product lines are
Colour TV sets and mobile phones.
Refrigerators, washing machines, air conditioners, component, and
packaging material also form part of the Group’s product lines.
In August 1991, Konka was restructured into
a Sino-foreign public share-hold company and on 27th March, 1992, its A-share
and B-share were listed on the Shenzhen Stock Exchange.
It has got seven major manufacturing plants
in the North-East, North-West, South, East and South-West of China, and has
established production bases in Indonesia, Mexico and Slovakia. Almost half a million TVs roll off the
Group’s production lines every year, with enough room for up to 6 million
units.
Konka was the first China TV producer to
obtain both the international and domestic ISO 9001 and ISO 14001 in 1997. At present, the “Konka” brand is
significant in foreign markets.
With three world-class R&D centres in
China and one in the United States, Konka has developed a series of new
generation electronics and telecommunications products with high market
adaptability and competitiveness, including large‑screen colour TV, combo
TV, digital TV, LCDTV, plasma screen, HD CRT TV, ultrathin LED TV, 3D TV, smart
3D TV, etc.
Konka is one of four members of the China
National High-Definition Digital TV Standardization Specialist Committee, and
is also a member of the American Digital TV Alliance.
Specialized in colour TV sets since 1980,
Konka now sells its products to over 95 markets outside China, mainly the
United States, Canada, Japan and Australia.
Konka has set up a Multimedia Product
Development Centre and employs more than 360 engineers and works closely with
industry leaders such as Sanyo, Toshiba and STMicroelectronics.
Ever since its establishment in 1979, the
Konka has been the second largest TV manufacturer in China.
The Group is expanding its production base
to the outskirts of the Shenzhen Special Economic Zone, so as to implement
economy of scale and strengthen its production capability. This has come in the form of the Konka
Electronic City [KEC] in Dongguan City, Guangdong Province, China.
Today, Konka is one of the 500 largest
industrial enterprises in China, as well as the first company in the country’s
colour TV sector to obtain both national and international Quality Management
System Certificates of ISO 9001 standard and the ISO 14000 certificate for
environmental protection. Besides the
ISO 9001 certification, Konka’s products are in conformity of the UL and
CSA standards.
In 2009, China’s largest module manufacture
base - Konka Kunshan LCM factory was put into operation, which has reached
10,000 sets daily output and 1 million sets annual output by now.
In the same year, Konka became one of the
largest shareholders of a giant LED manufacture enterprise - Refond
Optoelectronics, which helps the company complete the LCD TV industrial chain
and reducing the cost in manufacturing, logistics and CBU units. By far, the annual gross production capacity
in terms of TV and refrigerator of Konka Group has reached 25 million
sets.
The principal operating income of the Group
in 2014 was RMB19,423.5 million Yuan (2013: RMB20,006.7 million Yuan),
decreased by 2.9% as compared with previous year. Net profit was RMB52.6 million Yuan
(2013: RMB45.8 million Yuan), increased by 14.8%.
In the first half of 2015, the principal
operating income of the Group was RMB8,944.6 million Yuan (same period of 2014:
RMB8,390.1 million Yuan), increased by 6.6% as compared with previous
year. Net loss for the period was RMB297.0
million Yuan (same period of 2014: made a profit of RMB44.4 million Yuan). It is likely that the Group will suffer from
a loss in the full year of 2015.
For the year ended 31st December, 2014, the
turnover of the subject amounted to RMB3,408.2 million Yuan (2013: RMB2,650.3
million Yuan), net profit was RMB2.4 million Yuan (2013: RMB18.1 million Yuan).
In the first half of 2015, the turnover of
the subject amounted to RMB1,700.2 million Yuan. It made a loss of RMB53.4 million Yuan during
the period.
In 2014, the Group disposed two of its subsidiaries
to third parties. The subsidiaries were:
Shaanxi Konka Electronic Co. Ltd.
Shenzhen Konka Video & Communications
System Engineering & Co. Ltd., China.
The subject has about 35 employees in Hong
Kong. However, the Group had 18,776
employees as at 31-12-2014.
In 2013, the Group issued a declaration that
it is fully liable for the debts of the subject.
The history of the subject in Hong Kong is
over 20 years and five months.
On the whole, as the subject is fully
supported by Konka Group, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.44 |
|
|
1 |
Rs.102.41 |
|
Euro |
1 |
Rs.75.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
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.