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MIRA
INFORM REPORT
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Report No. : |
495360 |
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Report Date : |
08.03.2018 |
IDENTIFICATION DETAILS
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Name : |
WIRE & PLUG TECHNOLOGY LIMITED |
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Registered Office : |
Room 1302, 13/F., Chinachem Tsuen Wan Plaza, 455-457 Castle Peak Road,
Tsuen Wan, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
30.04.1996 |
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Com. Reg. No.: |
19844287 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Manufacturer of All kinds of electric and
electronic products, wires and plugs |
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No. of Employees : |
12 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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, which took effect in 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.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in 2017. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities. In 2017, Chief Executive Lam announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
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Source
: CIA |
Company name
and address
WIRE &
PLUG TECHNOLOGY LIMITED
ADDRESS: Room 1302, 13/F., Chinachem Tsuen Wan
Plaza, 455-457 Castle Peak Road, Tsuen Wan, New Territories, Hong Kong.
PHONE: 852-2456 9402
FAX: 852-2456 9158
E-MAIL: wireplug@wireplug.com.hk
MANAGEMENT:
Managing Director: Ms. Wong Ting
Na
SUMMARY
Incorporated on: 30th April, 1996.
Organization: Private Limited Company.
Issued Share Capital: HK$4,000,000.00
Business Category: Importer,
Exporter and Manufacturer.
Employees: 12.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS:
Registered Head Office:-
Room 1302, 13/F., Chinachem Tsuen Wan Plaza, 455-457 Castle Peak Road,
Tsuen Wan, New Territories, Hong Kong.
Holding Company:-
Wirear International Group Ltd., Hong Kong. (Same address)
Associated Companies:-
Bowell Electronic Co. Ltd., Hong Kong.
[Dissolved]
Chinox Electronic Co. Ltd., Hong Kong.
(Same address) [Dissolved]
Dongguan Wirear Wire & Plug Co. Ltd., China.
Westmont China Co. Ltd., Hong Kong.
[Dissolved]
Wirear Electronic (Jiaxing) Co. Ltd., China.
Zhenle Electronic (Dongguan) Co. Ltd., China.
BUSINESS REGISTRATION NUMBE
19844287
COMPANY FILE NUMBER
0546663
MANAGEMENT
Managing Director: Ms. Wong Ting
Na
Contact Person: Mr. Wilson Tang
ISSUED SHARE CAPITAL
HK$4,000,000.00 (2,000,000 fully
paid ordinary shares)
SHAREHOLDER
(As per registry dated 30-04-2017)
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Name |
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No. of shares |
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Wirear International Group Ltd., Hong Kong. |
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2,000,000 ======= |
DIRECTORS
(As per registry dated 30-04-2017)
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Name (Nationality) |
Address |
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WONG Ting Na |
Flat B, 8/F., Tower 2, Palm Beach, 28 Castle Peak Road, Tuen Mun, New
Territories, Hong Kong. |
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KWOK Cheong Shing |
Flat B, 8/F., Tower 2, Palm Beach, 28 Castle Peak Road, Tuen Mun, New
Territories, Hong Kong |
SECRETARY
WONG Ting Na (As per registry
dated 30-04-2017)
HISTORY
The subject was incorporated on 30th April, 1996 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.
OPERATIONS
Activities: Importer,
Exporter and Manufacturer.
Lines: All kinds of electric and electronic products, wires and
plugs,.
Employees: 12.
Commodities
Imported: China, other
Asian countries, etc.
Markets: Japan, China,
other Asian countries, Europe, North America, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, O/A, etc.
FINANCIAL INFORMATION:
Issued Share Capital: HK$4,000,000.00 (2,000,000 fully paid ordinary
shares)
Mortgage or Charge: (See
attachment)
Profit or Loss: Making a small
profit every year.
Condition: Business is normal.
Facilities: Making rather active
use of general banking facilities.
Payment: Regular.
Commercial Morality:
Satisfactory.
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Very Good.
GENERAL
Having issued 2 million ordinary shares of HK$2.00 each, Wire & Plug
Technology Limited is a wholly-owned subsidiary of Wirear International Group
Ltd., a Hong Kong-registered company located at the same address.
The subject is one of the members of the Wirear Group.
The directors of the subject Ms. Wong Ting Na and Mr. Kwok Cheong Shing
are Hong Kong merchants. They are a
couple.
The subject is trading wires and cables.
Its products are chiefly for the following products:-
Home Appliances;
Automotive Products;
Audio Products;
Computer Accessories;
Medical Handset Controllers;
Healthcare Furniture;
Telecommunication Products; &
Wire & Plugs, adapters, etc.
Most of the products are manufactured on OEM terms.
About 72% of the products are exported to Europe, 15% to the United
States, 5% to China, 3% to Japan, and 5% to the other countries.
The subject’s main associated factories in China are the followings:-
Dongguan Wirear Wire & Plug Co. Ltd. (1,200 persons) [Dongguan
Wirear]
Wirear Electronic (Jiaxing) Co. Ltd. (500 persons)
Zhenle Electronic (Dongguan) Co. Ltd. (500 persons)
In total the group has about 2,200 employees in China. Annual sales turnover ranges from US$25 to
US$45 million. Overall business is
active.
Dongguan Wirear is the general factory of the subject. It covers an area of about 20,000 sq.m. and
employing about 1,200 persons. The
parent company of Dongguan Wirear is the subject.
The China factories are divided into the following four divisions:
Cables and Wires
Power Supplies
Plastic Engineering Products
PCBs
Main products are wire and plugs, adapters, transformers, plastic
moulds, PCBs, DIP assemblies, etc.
Products are exported to Germany, the United States, the United Kingdom,
Japan, Southeast Asia, other Asian countries, etc.
The overall business of the Group is satisfactory. Its factories have got ISO9001:2000
certification.
The subject has had an associated company known as Chinox Electronic Co.
Ltd. in Hong Kong and located at the same address. However it has been dissolved by
deregistration since 20th October, 2017.
As the history of the subject is over 21 years and ten months in Hong
Kong, on the whole, consider it good for normal credit requirements.
MORTGAGE OR CHARGE
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Date |
Description of Instrument |
Mortgagee |
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15-04-2013 |
Assignment of Life Insurance |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
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04-05-2017 |
Assignemnt of Life Insurance |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
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04-05-2017 |
Assignemnt of Life Insurance |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.96 |
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1 |
INR 90.34 |
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Euro |
1 |
INR 80.75 |
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HKD |
1 |
INR 8.31 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.