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MIRA
INFORM REPORT
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Report No. : |
506218 |
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Report Date : |
03.05.2018 |
IDENTIFICATION DETAILS
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Name : |
TOYO LED ELECTRONICS LIMITED |
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Registered Office : |
Room 10 & 11, 19/F., Metro Loft, 38
Kwai Hei Street, Kwai Chung, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.11.2003 |
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Com. Reg. No.: |
34087892 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Manufacturer of All kinds of LEDs. |
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No. of Employees : |
8 |
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 : |
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
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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.
Excess liquidity, low interest rates and a tight housing supply have caused Hong Kong property prices to rise rapidly. The lower and middle-income segments of the population increasingly find housing unaffordable.
Hong Kong's open economy has left it exposed to the global economic situation. Its continued reliance on foreign trade and investment makes it vulnerable to renewed global financial market volatility or a slowdown in the global economy.
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 surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. After peaking in 2014, overall tourist arrivals dropped 2.5% in 2015 and 4.5% in 2016. The tourism sector rebounded in 2017, with visitor arrivals rising 3.2% to 58.47 million. Travelers from Mainland China totaled 44.45 million, accounting for 76% of the total.
The Hong Kong Government is promoting the Special Administrative Region (SAR) as the preferred business hub for 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, RMB trade settlement is allowed, and investment schemes such as the Renminbi Qualified Foreign Institutional Investor (RQFII) Program was first launched in Hong Kong. Offshore RMB activities experienced a setback, however, after the People’s Bank of China changed the way it set the central parity rate in August 2015. RMB deposits in Hong Kong fell from 1.0 trillion RMB at the end of 2014 to 559 billion RMB at the end of 2017, while RMB trade settlement handled by banks in Hong Kong also shrank from 6.8 trillion RMB in 2015 to 3.9 trillion RMB in 2017.
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 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 66% 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 (CEPA), 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. On the basis of the Guangdong Agreement, the Agreement on Trade in Services signed in November 2015 further enhanced liberalization, including extending the implementation of the majority of Guangdong pilot liberalization measures to the whole Mainland, reducing the restrictive measures in the negative list, and adding measures in the positive lists for cross-border services as well as cultural and telecommunications services. In June 2017, the Investment Agreement and the Agreement on Economic and Technical Cooperation (Ecotech Agreement) were signed under the framework of CEPA.
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 Hong Kong- Shenzhen Stock Connect the Mutual Recognition of Funds, and the Bond Connect scheme are all important steps towards opening up the Mainland’s capital markets and have reinforced Hong Kong’s role as China’s leading offshore RMB market. Additional connect schemes such as ETF Connect (for exchange-traded fund products) are also under exploration by Hong Kong authorities. In 2017, Chief Executive Carrie 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
TOYO LED ELECTRONICS
LIMITED
ADDRESS: Room 10 & 11, 19/F., Metro Loft, 38
Kwai Hei Street, Kwai Chung, New Territories, Hong Kong.
PHONE: 852-2540 7288
FAX: 852-2517 1797
E-MAIL: sales@toyo-led.com
MANAGEMENT:
Managing Director: Mr. Lee Chiu Ming
SUMMARY
Incorporated on: 17th
November, 2003.
Organization:
Private Limited
Company.
Issued Share Capital: HK$2.00
Business Category: Importer, Exporter and Manufacturer.
Employees: 8.
Main Dealing Banker: Hang Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Room 10 & 11, 19/F., Metro Loft, 38 Kwai
Hei Street, Kwai Chung, New Territories, Hong Kong.
Associated Companies:-
Toyo International Electronics Ltd., Hong
Kong.
Toyo LED Electronics (Huizhou) Ltd.
Dong Ming Administrative Region, Sha Tin
Town, Hui Yang District, Huizhou City, Guangdong Province, China.
[Tel: 86-752-3728 488; E-mail: sales@toyo-led.com]
BUSINESS REGISTRATION NUMBER
34087892
COMPANY FILE NUMBER
0871003
MANAGEMENT
Managing Director: Mr. Lee Chiu Ming
Contact Person: Mr. Henry Kwok
ISSUED SHARE CAPITAL
HK$2.00
SHAREHOLDERS
(As per registry dated 17-11-2017)
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Name |
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No. of shares |
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CHENG Mei Wa |
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1 |
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LEE Chiu Ming |
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1 |
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– |
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Total: |
2 = |
DIRECTORS
(As per registry dated 17-11-2017)
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Name (Nationality) |
Address |
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LEE Chiu Ming |
Room 708, 7/F., Hong Kong Plaza, 188
Connaught Road West, Hong Kong. |
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CHENG Mei Wa |
Room 708, 7/F., Hong Kong Plaza, 188
Connaught Road West, Hong Kong. |
SECRETARY
LEE Chiu Ming
(As per registry dated 17-11-2017)
HISTORY
The subject was incorporated on 17th
November, 2003 as a private limited liability company under the Hong Kong
Companies Ordinance.
Formerly the subject was located at Room
1610, 16/F., Hong Kong Plaza, 188 Connaught Road West, Hong Kong, moved to
‘Room 708, 7/F., Hong Kong Plaza, 188 Connaught Road West, Hong Kong’
in April 2009, and further moved to the present address in 2016.
Apart from these, neither material change nor
amendment has been ever traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Manufacturer.
Lines: All
kinds of LEDs.
Employees: 8.
Commodities
Imported: China,
other Asian countries, etc.
Markets: Hong
Kong, other Asian countries, Europe, North America, etc.
Terms/Sales:
L/C or as per contracted.
Terms/Buying:
L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Issued Share Capital: HK$2.00
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:
No
Complaints.
Commercial Morality: Satisfactory.
Banker:
Hang Seng
Bank Ltd., Hong Kong.
Standing: Normal.
GENERAL
Having issued just two ordinary shares of
HK$1.00 each, Toyo LED Electronics Limited is equally owned by Mr. Lee Chiu
Ming and Ms. Cheng Mei Wa. Being Hong
Kong merchants, both are also directors of the subject.
The subject is a LED electronics
manufacturer. Its factory is in Huizhou
City, Guangdong Province, China.
The subject has been specialised in LED
7-segment displays, dot-matrix, and full-colour dot-matrix over 15 years. Then it set up two more production lines for
developing LED Through-hole Lamp and LED SMD Lamp in 2005 & 2009
respectively.
The subject has extended its market to North,
Central and South America, Western Europe, Africa, Russia, Australia, South
Korea, Japan, Singapore, Malaysia, the Middle East, Scandinavia, etc.
Its factory, known as Toyo LED Electronics
(Huizhou) Ltd., has been equipped with fully computerized machines since 1994.
The subject has set up its own Research and
Development Division (R&D) and continue to invest in talents and advanced
machines in order to keep its competitiveness.
The factory which is in Huizhou City, Guangdong Province, China has
about 220 employees. The subject has had
the following advantages:-
self-owned factory for the lowest
manufacturing cost;
LED chips imported from Japan and Taiwan for
quality raw materials;
High Speed Automatic Dice & Wire Bonder
for fast production;
Full Function LED testers and instruments for
total quality control systems;
A team of analytical and bright engineers in
the R&D Division for improved technology;
Well experienced and skilful technicians,
workers and staff for professionalism and fast delivery services; &
Have got international certificates such as
CE, RoHS, and FCC.
The followings are the main products of the
subject:-
LED Displays;
TOP SMD LEDs;
SMD LEDs;
SMD Flex Strips;
Thorough-hole LED Lamps;
Taped LED Lamps;
High Power LED;
Side View SMD LED;
LED With Holder; &
Customer Designed Products.
All the products bear the brand name Toyo.
The subject is able to provide OEM and ODM services to our clients with
the following production capacity:
LED Display — 26KK units / month
LED Through-hole Lamp — 8KK units / month
LED SMD Lamp — 4KK units / month
Overall business of the subject is
satisfactory. History in Hong Kong is
about 14 years and five months.
The business of the subject is chiefly
handled by the two shareholders.
On the whole, consider the subject good for
normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 66.66 |
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1 |
INR 91.66 |
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Euro |
1 |
INR 81.01 |
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HKD |
1 |
INR 8.50 |
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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NIS |
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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.