MIRA INFORM REPORT
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Report Date : |
09.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
LUEN FAT DEVELOPMENT LTD |
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Registered Office : |
RM 906, 9 Fl Albion Plaza 2-6 Granville Rd, Tsimshatsui Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.12.1998 |
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Com. Reg. No.: |
662346 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of Various Chemical Products.
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RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 5,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name & address
LUEN FAT
DEVELOPMENT LTD
RM 906, 9FL ALBION PLAZA 2-6 GRANVILLE RD
TSIMSHATSUI KOWLOON, HONG KONG.
TEL: 852-23111438 FAX:
852-31040411
EXECUTIVE SUMMARY
INCORPORATION DATE :
DECEMBER 11, 1998
REGISTRATION NO. :
662346
LEGAL FORM :
PRIVATE
CHIEF EXECUTIVE :
MR. KIT-HUNG CHUNG (DIRECTOR)
STAFF STRENGTH :
7
CAPITAL :
US$ 128,041
BUSINESS LINE : TRADER
TURNOVER :
N/A (AS OF DEC. 31, 2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
FAIR
RECOMM. CREDIT RANGE : UP TO
USD 5,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.80175 = US$1
Adopted
abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
HKD –Hong Kong Dollars
*OTHER LICENSE*
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License Number : 22199899-000
Issuing Authority : Business Registration Office - Inland Revenue Dept
*Capital Details*
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Share value
: HKD 1.00/-each
Nominal capital :
HKD 1,000,000.00 divided into 1,000,000 ordinary shares
Issued & paid-up capital :
HKD 500,000.00 divided into 500,000 ordinary shares
*Approved Signatures*
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Only Kit-hung Chung can sign on behalf of the company with seal affixed.
SC is not known to host website of its own at present.
For the past two years there is no record of litigation.
*Major Shareholders*
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Total number of shareholders
: 2
Total number of ordinary shares : 500,000
Shareholder's Name
No. of Ordinary Shares
Amount of Shares (HKD) % of Shares
---------------------------
----------------------------- ---------------------------------- ---------------
Mr. Kit-hung Chung 499,999 499,999.00 100.00
Mr. Yeuk-sin Chow 1 1.00 0.00
Share transfers
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Date transferred
Transferor
Transferees
No of Shares
---------------------- --------------- ---------------- -------------
12 November, 2007
Zhi-quang Wu
Kit-hung Chung
349,999
12 November, 2007
Zhi-quang Wu
Yeuk-sin Chow 1
*Company Secretary*
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STANDARD AUTHORISED ASSOCIATES
Address : Rm 2801-3, 28Fl Shui On Centre 6-8 Harbour Rd Wanchai Hong
Kong
*COMPANY DIRECTORS*
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1
Name :
Mr. Kit-hung Chung
Nationality :
Hong Kong
ID/Passport No. :
H041773(6)
Registered Address :
Flat E 16Fl Whampoa Garden - Block 7 Site 12, Hunghom, Kowloon, Hunghom
Country of Residence :
Hong Kong
*Main Products & Services*
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Specializes in trading of various chemical products.
Products: Chemical products
Dyeing
products
Dyes
Enamels
Inks
*Payment Terms*
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Sales
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Local : Cash or Credit
Export : Letter of Credit (L/C)
Telegraphic
Transfer (T/T)
Purchases
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Local : Cash or Credit
Import : Letter of Credit (L/C)
Telegraphic Transfer (T/T)
*Local Distribution Network*
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Part of the annual turnover is attributed to local sales.
*Export Markets*
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Part of the annual turnover is attributed to export.
Company Name: Luen Fat Development Ltd.
Address: 11F, B 4, Modern City
Huating, Chuangye Road, Nanshan District, Shenzhen
4 11F
Tel: 86-755-86171713
Fax: 86-755-86171712
We managed to contact Mr. Huang through the
number 86-755-86171713, and he released the following information:
The English name of the company is Luen Fat
Development Ltd.
SC is actually a company registered in Hong
Kong and mainly operating in mainland China.
SC is a manufacturing co. with approx. 50 employees.
According to internal
sources, the company’s Chinese name is慧盈电子有限公司.
PAYMENT RATING :4 OBTAINED SCORES :
48
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Implication |
Implications |
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1 |
Scores 85–100 |
Excellent |
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2 |
Scores 75 – 84 |
Above Average |
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3 |
Scores 50 – 74 |
Average |
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4 |
Scores 35 – 49 |
Fair |
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5 |
Scores 15 – 34 |
Below Average |
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6 |
Scores 01 – 14 |
Poor |
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NR |
No Data |
No Data |
The rating indicates the payment
pattern of SC based upon our Payment Database, comments from suppliers of SC,
information from banks (if available), as well as industrial sources.
Dealings on open terms may be possible for SMALL amounts depending
on individual judgement experience.
As a private limited company there is no legal requirement according to
local corporate law for public disclosure of detailed financials.
SC is considered small-sized in its line with a development history of
10 years. Taking into consideration of SC’s general performance, a credit line
up to USD 5,000 appears to be within SC’s capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Trading 2800 Chemicals
and Allied Products
Trading 2816 Inorganic
pigments
Trading 2899 Chemical
preparations,
Trading 5169 Chemicals/Allied
Prdts, NEC
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Trading 3204 Syn
org coloring matter & prep; syn org brit agent
Trading 3204170000 Pigments
& preparations based thereon
Trading 3204175090 Other
pigments and preparations based thereon
Trading 3209 Paint
& varnish from synth etc polymers aqueous
Trading 3209100000 Paints
and varnishes(incl enamels & lacquers)based on synthetic polymers, etc in
an aqueous medium, based on acrylic or vinyl polymers
Trading 3212 Pigments
nonaq liquid etc for paint; st foil; dye etc
Trading 3707903000 Chemical
preparation for photographic uses
Trading 3800 Miscellaneous
chemical products
Trading 3823905050 Chemical
products and preparations of the chemical or allied industries
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Trader Enamels
Trader Inks
Trader Printing
auxiliaries
Trader Photography
chemicals
Trader Photography
auxiliaries
Trader Printing
chemicals
Trader Dyeing
products
INTERNATIONAL
TRADE ACTIVITY DESCRIPTION
Country / Region Main Trading Activity
Asia / Pacific Exporting,Importing
Europe Importing
North America Importing
China Exporting
Taiwan Importing
USA Importing
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.20 |
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UK Pound |
1 |
Rs.81.48 |
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Euro |
1 |
Rs.64.27 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)