|
Report No. : |
342163 |
|
Report Date : |
25.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
VOVO TELECOM GROUP (HK) LTD. |
|
|
|
|
Registered Office : |
c/o Reliance Accounting Services (HK) Co. Ltd. Unit 507, 5/F., Tung Che Commercial Centre, 246 Des Voeux Road West,
Sheung Wan, |
|
|
|
|
Country : |
Hong Kong. |
|
|
|
|
Date of Incorporation : |
01.08.2011 |
|
|
|
|
Com. Reg. No.: |
58848494 |
|
|
|
|
Legal Form : |
Private Limited
Liability Company |
|
|
|
|
Line of Business : |
Not Available [Note: We tried to confirm
/ obtain the detailed activity but the same is not available from any
sources] |
|
|
|
|
No. of Employee : |
Not Available 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
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
No operating office in Hong Kong |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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 |
VOVO TELECOM GROUP (HK) LTD.
Registered Office:-
c/o Reliance
Accounting Services (HK) Co. Ltd.
Unit 507, 5/F.,
Tung Che Commercial Centre, 246 Des Voeux Road West, Sheung Wan, Hong Kong.
Main Associated Company:-
Shenzhen Vovophone
Telecom Technology Co. Ltd.
Room 205, 2/F.,
Auhui Building, Shennan Avenue, 6007 Chegongmiao, Futian District, Shenzhen
Special Economic Zone, China.
[Tel.: 86-755-8375
3088; Fax: 86-755-8270 6620]
Associated Companies:-
Hunan Vovophone
Technology Co. Ltd., China.
Shenzhen Tianku
Electronics Co. Ltd., China.
Shenzhen Vovophone
Telecom Equipment Co. Ltd., China.
Vovo Group LLC (not
registered in Hong Kong)
58848494
1649826
1st August, 2011.
HK$10,000.00
(As per registry
dated 01-08-2015)
|
Name |
|
No. of shares |
|
MAN Weihua |
|
10,000 ===== |
(As per registry dated
01-08-2015)
|
Name (Nationality) |
Address |
|
MAN Weihua |
No. 0802, Unit 2,
Building 3, Yulan Yuan, Huanghai Chengshi Garden, Laishan District, Yantai
City, Shangdong, China. |
(As per registry
dated 01-08-2015)
|
Name |
Address |
Co. No. |
|
Reliance
Accounting Services (HK) Co. Ltd. |
Unit 507, 5/F.,
Tung Che Commercial Centre, 246 Des Voeux Road West, Sheung Wan, Hong Kong. |
1808860 |
The subject was
incorporated on 1st August, 2011 as a private limited liability company under
the Hong Kong Companies Ordinance.
Originally the
subject was registered under the name of Maya Industry Holding Ltd., name
changed to the present style on 5th June, 2012.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Vovo Telecom Group
(HK) Ltd. was incorporated on 1st August, 2011 as a private limited liability
company.
The subject does
not have its own operating office. Its registered
office is in a commercial service firm located at ‘Unit 507, 5/F., Tung Che
Commercial Centre, 246 Des Voeux Road West, Sheung Wan, Hong Kong’ known as
‘Reliance Accounting Services (HK) Co. Ltd.’ which is handling its
correspondences and documents. This
accounting service company is also the corporate secretary of the subject.
The subject has no
employees in Hong Kong.
According to the
Companies Registry of Hong Kong, the subject has issued 10,000 ordinary shares
of HK$1.00 each of which are wholly-owned by Mr. Man Weihua who 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. His registered address is in
Yantai City, Shangdong Province, China.
The subject has had
an associated company known as Shenzhen Vovophone Telecom Technology Co. Ltd.
[Shenzhen Vovophone] which is a mobile phone and related product manufacturer.
Shenzhen Vovophone
is a high-tech company, integrating R&D, manufacture, sales and service in
mobile communication terminals, mobile battery and portable power supply. It is a wholly-owned subsidiary of Vovo Group
L.L.C. which is a rapid-growing telecom company in the world. Founded on 26th September, 2008, Shenzhen
Vovophone has its factory located in Guangming New District of Shenzhen SEZ.
The subject and
Shenzhen Vovophone belong to Vovo Group.
The group owns Shenzhen Vovophone, Shenzhen Tianku Electronics Co. Ltd.,
Shenzhen Vovophone Telecom Equipment Co. Ltd., Hunan Vovophone Technology Co.
Ltd., etc. besides the subject.
The business scope
of the Group includes tele-communication, finance, logistics, energy and real
estate.
Now, Vovo Group has
built up strategic partnership with the world top telecommunication giants such
as China Unicom, ZTE, Lenovo, etc., also has business ties with well-known
telecom chain malls such as FunTalk Communication (NASDAQ: FTLK), Zhongyu
Telecom,
Vovo Group now has
set up affiliated companies in Latin America, the Middle East, Africa and
Southeast Asia.
Most of its
products bear the trademark VOVO.
In Guangming New
District of Shenzhen SEZ, the Group’s factory occupies 10,000 square
meters. It has been equipped with 16
electronics assembly lines, 4 SMT production lines. Its products include high-end smart phone,
fashionable music phone, fine-quality business battery and specially-designed
portable power supply.
There are about 500
employees in the factory.
The subject’s
business in Hong Kong is not active.
History in Hong Kong is over four years and a month.
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.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.10 |
|
|
1 |
Rs.100.89 |
|
Euro |
1 |
Rs.73.96 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
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.