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Report Date : |
11.12.2012 |
IDENTIFICATION DETAILS
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Name : |
LITE
SOURCE MANUFACTURING CO. |
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Registered Office : |
Room 1109, 11/F., Nan Fung Commercial Centre, 19 Lam Lok Street, Kowloon Bay, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
06.06.1998 |
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Com. Reg. No.: |
21766063-000-06 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer and Exporter of Furniture fitting hardware, light fitting, electronics and building materials, etc. |
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No. of Employees : |
04. (Including
associates) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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'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, it again faces a possible slowdown as exports to the Euro zone and US slump. 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 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. 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 exports 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 28 million in 2011, 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 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. 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.
|
Source : CIA |
LITE SOURCE MANUFACTURING CO.
Room 1109, 11/F., Nan Fung Commercial Centre, 19 Lam Lok Street, Kowloon Bay, Kowloon, Hong Kong.
PHONE: 2446 1740, 2446 1746
FAX: 2446 1742
E-MAIL: lite@design-999.com
Manager: Mr. Hemang Bhagwandas Shah
Establishment: 6th June, 1998.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Importer and Exporter.
Annual Turnover: HK$45~50 million.
Employees: 4. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Room 1109, 11/F., Nan Fung Commercial Centre, 19 Lam Lok Street, Kowloon Bay, Kowloon, Hong Kong.
P.O. Box 98723, Tsim Sha Tsui Post Office, Kowloon, Hong Kong.
China Factory:-
Lite Source
Manufacturing Co.
1, 14 Pingyuan
Zhijie, Fen Jiang Nan Road, Foshan City, Guangdong Province, China.
[Tel: (86-757)
8398 7888; Fax: (86-757) 8398 7168]
Associated Companies:- (Same address)
Alkstone
Telecommunication Ltd., Hong Kong.
Lite Source
Manufacturing Co. Ltd., Hong Kong.
Portege Corporation Ltd., Hong Kong.
Portege Industries Ltd., Hong Kong.
Zytel Industries Ltd., Hong Kong.
Zytel Systems Ltd., Hong Kong.
21766063-000-06
Manager: Mr. Hemang Bhagwandas Shah
Name: Mr. Hemang Bhagwandas SHAH
Residential Address: Flat
C, 3/F., New Lucky House, 300-306 Nathan Road, Kowloon, Hong Kong.
The subject was established on 6th June, 1998 as a sole proprietorship concern owned by Mr. Hemang Bhagwandas Shah under the Hong Kong Business Registration Regulations.
At the very beginning, the subject was located at Flat C, 3/F., New Lucky House, 300-306 Nathan Road, Kowloon, Hong Kong where is the residence of the proprietor, moved to Flat D, 24/F., Block 14, Locwood Court, Kingswood Villas, Tin Shui Wai, Yuen Long, New Territories, Hong Kong in November 1998; to Block A, 2/F., Grand View Mansion, 119A Chatham Road South, Tsimshatsui, Kowloon, Hong Kong in October 1999; moved to Room 1009, 10/F., Silvercord, Tower 1, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong in November 2002 and further to the present address in April 2012.
Apart from these, neither material change nor amendment has
been ever traced and noted.
Activities: Importer and Exporter.
Lines: Furniture fitting hardware, light fitting, electronics and building materials, etc.
Employees: 4. (Including associates)
Commodities Imported: Imported from China, other Asian countries, etc.
Markets: India, Middle East, Eastern & Western Europe, etc.
Annual Turnover: HK$45~50 million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T or as per contracted.
Capital: Not disclosed.
Profit or Loss: Made small profits in the past years.
Condition: Keeping in an active condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Lite Source Manufacturing Co. is a sole proprietorship set up and owned by Mr. Hemang Bhagwandas Shah who is an Indian. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently.
The subject is a reputed manufacturer of furniture fittings. It was established in 1980 in India as a manufacturer of high-end furniture fittings (mainly knobs and handles) and building material products (viz. cabinet handles/pulls/mortise door handles, glass door handles, door stoppers, glass grips or brackets etc.) It has become one of the market leaders in the India market and now also started selling to the Eastern Europe like Poland, etc.
The subject’s factory, bearing the same name as the subject, is in Foshan City, Guangdong Province, China. Its main commodities are furniture fitting hardware which include varieties of products. The factory is ISO9001 certified. Right now, the factory has over 100 different designs of its own PATENTS in its product range for the furniture fittings.
The China factory has set up a Research and Development team in China who are constantly developing new designs and styles and they can also develop designs and items of customers’ choice and if required are in a position to offer samples made to the customers’ requirement within 20-30 days of the order.
The subject
carries various types of commodities. It
is trading in the following products:-
· Drawer Slides, with ball bearings and Euro Slides;
· Fancy Plywood (also popularly known as VENEER);
· Lightings and Fittings like Halogen Lamps, LED Lamps, etc.
· Down Light Fittings (Ceiling Lamps);
· Building Materials, such as, Tiles and Decorative Materials, like Metal Laminates, Plastic Panels, Composite Panels;
· Dry cell zinc batteries;
· Mobile phones; &
· Artificial marble products, etc.
Commodities are chiefly sourced from China.
The subject’s sales amounted to HK$38,719,030.00 in fiscal year 2001. Its annual sales turnover now ranges from HK$45 to 50 million. Making a small profit every year. Overall business is active and steady.
The subject has had an associated company known as Alkstone Telecommunication Ltd. [ATL] located at its operating office.
Having issued 100 ordinary shares of HK$1.00 each, ATL is jointly owned by Mr. Reena Hemang Shah, holding 75% interests; and Mr. Hemang Bhagwandas Shah, holding 25%. The two Shahs are also directors of ATL. ATL is a professional trader of mobile phones and mobile phone accessories. It also supplies related electronic products such as GPS, USB flash disk, memory card, MP3/MP4 player, bluetooth products, etc. Commodities are exported to India and the other Asian countries.
The history of the subject in Hong Kong is over fourteen years.
On the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.34 |
|
UK Pound |
1 |
Rs.87.09 |
|
Euro |
1 |
Rs.70.13 |
INFORMATION DETAILS
|
Report Prepared by
: |
MNL |
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 |
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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 |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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.